Despite concerns about the harsh business environment, an underwriting firm, AXA Mansard Insurance Plc, has recorded 19 per cent year-on-year (y/y) growth in gross written premium (GWP) in the third quarter.

The operator attributed the performance to growth across all lines of business even as stakeholders believe one of the ways to drive industry penetration is through an increased financial capacity of the players.

Speaking on the result, the Chief Financial Officer of the company, Ngozi Ola-Israel: said: “2022 has been a challenging and dynamic year for the business occasioned by heightened levels of inflation and the consequent impact on businesses and households.

“Regardless of these challenges, we were able to deliver double-digit revenue growth of 19 per cent y/y from ₦48.8billion to ₦57.9 billion and 19 per cent y/y net premium income growth from 27.1 billion to 34.7 billion at the end of the third quarter of the year.”